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Buyers & Sellers
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Buyers & Sellers Gregory Greenfield & Associates, Ltd. acquired Central Mall, an 860,830 sq.ft. center regional mall located in Fort Smith, AR. The mall is anchored by Dillard’s, JCPenney and Sears and features over 84 specialty stores and approximately 126,000 sq.ft. of office space. The acquisition was completed in the name of Fort Smith Mall Partners, L.P., a partnership of private investors. The center is tenanted by Abercrombie & Fitch, Aeropostale, Children’s Place, Dallas Cowboys Pro Shop, Garfield’s and Motherhood Maternity. For more information, contact Amy Kuehn or Teresa Richards, Gregory Greenfield & Associates, Ltd., 124 Johnson Ferry Road, NE, Atlanta, GA 30328; 404-236-2300, Fax 404-236-2299.
Robert Stuart is working with an investment group that acquires all types of retail properties, from freestanding locations to malls nationwide. The group is looking for freestanding locations for $3.5 million and up. The group also will acquire portfolios, from smaller properties, such as drug stores and auto lube centers that are leased to credit tenants, to large shopping centers and malls. There is no maximum price. For more information, contact Bob Stuart, Robert Stuart, 13064 Bender Drive, Moreno Valley, CA 92553; 951-247-2426; Email: rubobstu@verizon.net.
Mid-America Real Estate Corp. brokered the sale of the following centers: Mercury Plaza, a 64,574 sq.ft. center located at the intersection of Ford Road and Mercury Drive in Dearborn, MI. The center was acquired by Kahl & Goveia Real Estate. The center is comprised of three freestanding buildings on a land area of 8.06 acres; and Hillside Terrace, a 17,017 sq.ft. center located at the intersection of State Highway 83 and Interstate 94 in Delafield, WI. The buyer was General Capital Group, while the seller was Hayden Properties. For more information, contact Mid-America Real Estate Corp., Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181-4713; 630-954-7300, Fax 630-954-7304/7306.
Keller Williams Realty First Atlanta is selling a site located one mile inside Interstate 285 in Atlanta, GA for $8.5 million. The company also is selling power center sites, one to two-acre retail pads, residential and mixed-use properties throughout the Atlanta, GA area. The company also is selling a land area of 10 acres located 20 miles north of Atlanta near an outlet mall for $3.7 million. Area retail includes two Kroger-anchored centers. A build-to-suit or joint venture is also possible. For more information, contact Cheryl Simmons, Keller Williams Realty First Atlanta, 404-272-6113.
Marcus & Millichap Real Estate Investment Brokerage Co. is marketing Los Gatos Village Square, a 45,738 sq.ft. mixed-use center located on Los Gatos Boulevard in Los Gatos, CA for $19.1 million. The site has an average daily traffic count of 44,000 vehicles. The center is anchored by Trader Joe’s, Carl’s Jr., H&R Block and Pet Food Express. Area demographics include a population of 106,597 within three miles earning $160,000 as the average household income. For more information, contact Larry Gray, Marcus & Millichap Real Estate Investment Brokerage Co., 2999 Oak Road, Suite 210, Walnut Creek, CA 94597; 925-953-1700, Fax 925-953-1710; Web site: www.marcusmillichap.com.
DJM Asset Management is selling a 28,250 sq.ft. Winn-Dixie store on N.W. 36th Avenue in Miami, FL. The building is situated on a land area of 1.25 acres. The company also is selling a former SaveRite Supermarket located at the intersection of Walt Stephens Road and Speer Road in Stockbridge, GA for $6 million. The building is situated on a land area of 12 acres. Area retail includes Kohl’s, Garden Ridge and CVS. For more information, contact James Avallone, DJM Asset Management, 445 Broad Hollow Road, Suite 417, Melville, NY 11747; 631-752-1100 Ext. 224, Fax 631-752-1231; Web site: www.djmasset.com.
CB Richard Ellis is selling Crosswoods Plaza, a 15,000 sq.ft. center located in Columbus, OH for $3.725 million with a Cap rate of 9.3%. The center is anchored by Starbucks with a drive-thru and is adjacent to a 16-screen Imax movie theater. For more information, contact Kevin James, CB Richard Ellis, 300 East Broad Street, Suite 500, Columbus, OH 43215; 614-280-4817, Fax 614-233-5917; Email: kevin.james@cbre.com; Web site: www.cbre.com.
Phase One Realty, Inc. is selling a 47,311 sq.ft. Associated Wholesale Grocers, Inc., NNN-leased property in Louisville, KY for $4.95 million with a Cap rate of 7.25%. The site has an absolute NNN lease and 19 years remaining. For more information, contact Robert H. Fippinger, Phase One Realty, Inc., PO Box 22865, Santa Fe, NM 87502 or 2011 Botulph Road, Santa Fe, NM 87505; 505-986-2942, Fax 505-988-5134; Email: rhf@phaseonerealty.com.
Wissman Commercial Real Estate is representing a client looking to acquire single-tenant or multi-tenant centers from $3 million to $50 million. The company also is representing a client looking to acquire retail or multi-family locations for between $15 million and $75 million. For more information, contact Joe Wissman, Wissman Commercial Real Estate, 23439 Michigan Avenue, Suite 3W, Dearborn, MI 48124; 313-561-1900, Fax 313-561-1903; Email: propone@ix.netcom.com.
Capital Pacific is selling the following sites: a 24,000 sq.ft. Staples located on North 11th Avenue in Hanford, CA for $6.763 million; a 9,600 sq.ft. Hollywood Video located on West Lacey Boulevard in Hanford, CA for $2.404 million; a 24 Hour Fitness located on North Scottsdale Road in Scottsdale, AZ for $12.35 million; a 2,940 sq.ft. 7-Eleven located on East Hebron Parkway in Carrollton, TX for $1.685 million; a 13,357 sq.ft. Sav-On Drugs located at the intersection of Mount Vernon Avenue and Barton Road in Grand Terrace, CA; a 3,333 sq.ft. Oscars Restaurant located on Brawley School Road in Mooresville, NC for $1.26 million; an 11,600 sq.ft. Eckerd store located on Liberty Street in Franklin, PA for $1.75 million and a 6,000 sq.ft. Dollar Tree located on 9th Street in Crescent City, CA for $1.46 million. For more information, contact Chris Kostanecki, Capital Pacific, Four Embarcadero Center, Suite 2570, San Francisco, CA 94111; 415-274-2700, Fax 415-274-2710; Web site: www.capitalpacific.com.
NewQuest Properties sold 36 retail and office properties to a venture affiliated with Inland American Real Estate Trust, Inc. for approximately $442 million. The bulk of the portfolio is located within the greater Houston metropolitan area, with additional centers in Corpus Christi and Sherman, TX and Springfield, MO. The transaction includes more than 1.8 million sq.ft. of leaseable retail and office space. NewQuest will serve as leasing agent for the portfolio. In addition, NewQuest will also serve as leasing agent for other centers located in the Houston, TX area owned by another REIT, Inland Western Retail Real Estate Trust, Inc. Among the properties involved in the transaction are Sherman Town Center, a 378,569 sq.ft. center located in Sherman, TX; Saratoga Town Center, a 58,182 sq.ft. center located in Corpus Christi, TX; Tomball Town Center, a 55,216 sq.ft. center located in Tomball, TX; Cy Fair Town Center, a 51,292 sq.ft. center located in Cypress, TX; Cypress Town Center, a 55,000 sq.ft. center located in Houston, TX and Eldridge Town Center, a 71,778 sq.ft. center located in Houston, TX. The transaction also involves Cinemark movie theaters in Houston, Webster and Pearland, TX and several 24 Hour Fitness health clubs. The sole property in the transaction outside of TX is a Walgreens in Springfield, MO. For more information, contact Tania Oshman, NewQuest Properties, 8807 West Sam Houston Parkway North, Suite 200, Houston, TX 77040; 281-477-4300, Fax 281-477-4399.
William B. May Commercial Real Estate is selling a six-story walk-up with 90-plus units and 10 retail stores in the Bronx, NY for $10.45 million with a Cap rate of 6%. For more information, contact Jeffrey Hatcher, William B. May Commercial Real Estate, 505 8th Avenue, 8th Floor, New York, NY 10018; 646-442-3802, Fax 212-265-8751.
National Commercial Brokers, Inc. is selling a 7,882 sq.ft. restaurant, plus adjacent land totaling 0.95 acres on the Hyannis Airport Rotary intersecting Route 28 and Route 132 in Hyannis, MS. Area retail includes Staples, T.J. Maxx, Pizzeria Uno, Stop & Shop and the Cape Cod Mall. For more information, contact Brian S. Nadler, National Commercial Brokers, Inc., 75 Second Avenue, Suite 315, Needham, MA 02494; 781-453-0360, Fax 781-453-0390; Email: brian@nationalcommercial.com; Web site: www.nationalcommercial.com.
Century 21 Access America is selling a 24,103 sq.ft. supermarket and package store located at the intersection of three Connecticut state highways in northern CT for $3.5 million. The site has an average daily traffic count of 12,000 vehicles. For more information, contact Donald Liberatore or Daniel Thibodeau, Century 21 Access America, 449 Silas Deane Highway, Wethersfield, CT 06109; 860-263-2121 Ext. 246, Fax 860-263-2135.
Saad & Vallas Realty Group, LLC is selling a 16,595 sq.ft. strip center located in Mobile, AL for $3.62 million with a Cap rate of 7.5%. The center is the shadow anchor of a Wal*Mart Supercenter. The center is situated on a land area of 1.86 acres and is tenanted by Payless Shoes, Rhino Video, Nextel, Firehouse Subs, All About Hair & Tan, Approved Cash Advance, Tender Touch and Boiling Point. For more information, contact Christie Amezquita, Saad & Vallas Realty Group, LLC, 3290 Dauphin Street, Mobile, AL 36606; 251-478-7223; Email: camezquita@saad.com; Web site: www.saad.com.
Kaplan Real Estate Co., Inc. is selling Hazelwood Showcase Plaza, a 100,000 sq.ft. center located at the intersection of Interstate 170 and Interstate 270 in Hazelwood, MO for $4.147 million with a Cap rate of 8.50%. The center is currently 100% occupied and is tenanted by Dollar General, Grand Furniture, Thrift Plus Thrift Store and Hancock Fabrics. Area demographics include a population of 235,450 within five miles earning $53,209 as the average household income. For more information, contact Scott Bernstein, Kaplan Real Estate Co., Inc., 1000 Macklind Avenue, St. Louis, MO 63110; 314-652-7000, Fax 314-652-2228; Web site: www.kaplanrealestate.com.
Allegro Realty Advisors, Ltd. is selling a Hooters restaurant located in southern GA for $2.85 million. The single-tenant, absolute NNN investment has a brand new 20-year lease with increases every five years. The site is located directly off Interstate 75 and is near Wal*Mart, Target and other big box retail sites. For more information, contact Adam P. Bradford, Allegro Realty Advisors, Ltd., Thornburg Station, 8111 Rockside Road, Suite 250, Cleveland, OH 44125; 216-524-0710 Ext. 109, Fax 216-524-0711; Email: abradford@allegrorealty.com; Web site: www.allegrorealty.com. |